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NEW YORK – Following the approval of several spot bitcoin-based exchange-traded funds (ETFs), Samson Mow, blockchain specialist at Jan3, made a bold prediction that the value of bitcoin could reach 1 million bucks. Mow’s optimism is fueled by several market dynamics, including the growing participation of institutional investors and the expected increase in trading volumes from these new ETFs.
Despite a recent drop in bitcoin’s price to $42,800 and a market capitalization of $841 billion, as Coingecko reports, the launch of spot Bitcoin ETFs has been received positively. These financial products should make it easier for investors to gain exposure to bitcoin and could establish the legitimacy of investments in cryptocurrencies.
Although there are concerns about near-term selling pressure from Grayscale Bitcoin Trust stakeholders and the risk of increased volatility, these are considered temporary challenges. Mow suggests that investors should instead pay attention to Bitcoin’s high demand versus limited supply, especially with the Bitcoin block reward halving event expected in less than 100 days. This event is historically known to have a significant impact on the price of bitcoin.
The cryptocurrency community is closely following these developments, as achieving Mow’s $1 million bitcoin price target would represent a significant milestone for the digital asset.
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